DRA Advisors is now the owner of both Waterford office buildings in Plymouth, MN.
The New York-based company paid Chicago-based owner and developer CA Ventures $36.1 million for the 505 Waterford Park office building at 505 N. Hwy 169, the southern twin sister to a property already in DRA’s portfolio, 605 Waterford.
The pair of 12-story office buildings were built by Minneapolis-based Ryan Cos. in 1987 and 1989. The two sit on 18 acres just off the interchange between Highway 55 and Highway 169, tucked into a wooded area with a pond, fountains, gardens and walking paths.
CA Ventures acquired the 505 building in 2013 from Franklin Street Properties Corp. for $33 million, or about $115 per square foot, according to CoStar data.
See CoStar COMPS #2908503.
The property is currently assessed at $36.8 million for taxes payable in 2019, according to Hennepin County records.
DRA Advisors has owned the nearby 605 building for about three years. In October 2015, it bought the property from Canadian real estate investment trust Artis REIT, paying $31.5 million, or $139 per square foot, according to CoStar data.
See CoStar COMPS #3411080.
A team from Jones Lang LaSalle’s Minneapolis office has handled leasing for 505 Waterford, though that may change. CBRE is the leasing brokerage for DRA’s 605 Waterford.
At the time of the latest transaction, 505 Waterford was 81.8 percent leased to multiple tenants, including Verizon Wireless, occupying about 30,000 square feet, and Wealth Enhancement Group in roughly 28,000 square feet.
In terms of office stock, DRA Advisors also owns the MoneyGram and 1600 Towers at 1600 Utica Ave. S in Saint Louis Park, MN, and Wells Fargo Plaza at 7900 Xerxes Ave. S in Bloomington.
Since 2016, the company also has held a portfolio of grocery-anchored retail centers in the Twin Cities, which it took on as part of a $2.3 billion deal to acquire Oak Brook, IL-based Inland Real Estate Corporation (IRC). However, IRC has been paring down its holdings here as of late.
DRA Advisors, CA Ventures and the various brokers involved could not be reached for comment on the sale.
Please see CoStar COMPS #4473394 for additional information on this transaction.